Treatment for a severe health condition can be prohibitively expensive, but obviously necessary. What can you do to avoid such scary pitfalls as being forced to file for bankruptcy due to insufficient funds? The answer for you could very well be critical illness insurance. It was created to help families get through a severe health crisis together and emerge intact and financially solvent.
Critical illness insurance covers three common health conditions, namely stroke, cancer, or a heart attack. Anything that could lead to paralysis, an organ transplant, or kidney failure is covered. This form of supplemental insurance is something to think about in order to have the assurance that all your medical costs will be covered in the event of such an emergency.
Forms of this insurance can vary depending on the provider, but normally the insurer pays out a pre-determined lump sum to the insured if he or she is diagnosed with a covered critical illness. Alternatively, payouts can be made like regular income. This might help the insured to have the resources necessary over time to keep up with long term treatment costs.
As is typical with insurance policies, how much is paid out varies from one policy to another, but the general rule is an offer of payments between $5,000 and $50,000. The higher the premium the higher the amount paid out.
The most important aspect of this coverage is the simple fact that it provides financial help in a time of great need. With critical illness insurance you can be assured that you can continue take care of your family even if you are no longer able to work.